The total value locked in decentralized protocols on Ethereum’s popular layer-2 scaling solution – Arbitrum – is soaring.
This comes shortly after the protocol released its much-anticipated ARB token through an airdrop to early adopters.
Data from DeFi Llama shows that the total locked value (TVL) in Arbitrum is up more than 22% during the past seven days alone.
With this, Arbitrum is currently the fourth-largest network by means of TVL, with $2.18 billion, sitting right after Ethereum, Tron, and the BNB Chain.
It also accounts for roughly 4.43% of the total value locked across all blockchains.
Source: DeFi Llama
Diving a bit deeper, the decentralized exchange with the highest TVL on Arbitrum is GMX, with $502 million, followed by Uniswap’s V3, with $292 million. Interestingly enough, Uniswap’s trading volume on the protocol soared by around 60% during the past week.
The above comes after Arbitrum finally distributed its much-anticipated ARB token through an airdrop to early adopters, This took place on March 23rd, while the airdrop itself was revealed back on March 16th.
The ARB token itself is a governance tool, and the team distributed 11.62% of its total supply to early adopters who completed various tasks over the past years.
In addition, 1.13% went to decentralized autonomous organizations (DAOs) that helped build applications on Arbitrum.
At the time of this writing, ARB is trading at around $1.28 with a market capitalization of $1.62 billion, making it the 39th largest cryptocurrency by that metric.
